( May 12, 2025, 1:38 PM EDT) -- SAN FRANCISCO — The Ninth Circuit U.S. Court of Appeals on May 9 affirmed a lower federal court’s ruling in favor of an insurer in an insured’s lawsuit seeking coverage for its underlying expenses arising from a Securities and Exchange Commission (SEC) investigation, finding the insured failed to produce evidence that the SEC's investigation and the insured’s ensuing litigation costs “grew out of, flowed from, or bore any causal relationship to the SEC's notice of its intent to depose” one of the insured’s directors....